UHV SBDC to offer workshop on business loans
Growing a small business sometimes requires getting a loan, and the University of Houston-Victoria Small Business Development Center is offering a workshop to help entrepreneurs find the right loan to meet their needs.
Access to Capital and Other Resources for New and Existing Small Businesses is a free workshop that will focus on the various types of loans small businesses can apply for through the Small Business Administration. The workshop will be from 1 to 3 p.m. Feb. 22 in the UHV SBDC offices, 1908 N. Laurent St., Suite 400. The workshop will be interactive and will include a question-and-answer session. It is open to the public.
“The process of applying for a loan can be confusing, especially for small business owners,” UHV SBDC Director Joe Humphreys said. “This workshop can help area entrepreneurs decide what loan best fits their needs and start the process of acquiring that capital to run their business.”
The workshop will be presented by Annie Hudspeth, a lender relations specialist from the SBA in San Antonio. The workshop will offer information about SBA guaranty loan programs, including 7(a) loans, micro loans, SBA express loans and the 504 Project Loan Program.
Small business owners who apply for loans must meet the lender’s requirements, but the lender has the option to request a guarantee from the SBA, Humphreys said. Each of the loans have different purposes. The 504 Loan Program is intended for use in brick-and-mortar financing, such as purchasing land, renovating or expanding a building, or purchasing equipment with an economic life of 10 years or more. The 7(a) Loan Guaranty Program can be used for a wider range of needs, such as working capital, purchase equipment, inventory, debt refinancing or other financing needs.
The workshop will examine each of the available loan types and how small business owners can prepare for the application process. In addition to information gained during the presentation, the UHV SBDC offers free assistance and advising through its business advisors.
“Our advisors have a passion for helping entrepreneurs succeed,” Humphreys said. “They can do everything from helping entrepreneurs prepare for the application process to going with them to meetings with the lender so they have someone on their side during the process.”
To register for the workshop, contact the UHV SBDC at 361-485-4485 or email firstname.lastname@example.org.
The UHV SBDC is part of a nationwide small business assistance program serving the small business community in partnership with federal, state and local governments. The center offers business advising, training and technical assistance to existing and start-up businesses in an 11-county area.